Bitget Secures VASP License in Bulgaria to Boost European Crypto Expansion
Bitget, a leading cryptocurrency exchange, has obtained a Virtual Asset Service Provider (VASP) license from Bulgaria, marking a critical step in its European expansion strategy. This license allows Bitget to provide comprehensive crypto services like trading, transfers, and custody, paving the way for operations across Europe. The move aligns with Bitget’s plan to comply with the EU’s forthcoming MiCA regulations aimed at standardizing crypto regulations. This expansion also serves to establish a crypto-friendly base in Bulgaria, facilitating further penetration into European markets. Bitget holds similar authorizations in Poland, Italy, Lithuania, and the UK. Additionally, its regulatory compliance efforts are reinforced by a Bitcoin Service Provider license in El Salvador, enhancing Bitcoin to fiat conversions and asset safekeeping solutions. Hon Ng, Bitget’s Chief Legal Officer, emphasized that regulatory compliance and user trust are central to the company’s growth strategy.
Bullish
Bitget’s acquisition of a VASP license in Bulgaria is a strategic move in expanding their presence in Europe, aligning with upcoming EU crypto regulations (MiCA), and establishing a regulatory-compliant base. This development is seen as enhancing trust and service offerings, which is bullish for the cryptocurrency market. The emphasis on compliance and regulated expansion presents a positive outlook for Bitget and similar exchanges, likely attracting more users and enhancing market liquidity. Past instances of major exchanges expanding into new regulatory territories have often resulted in increased market confidence and potential positive price movements.